Hilco Industrial Completes Asset Sale in Miller Bros. Coal Company Bankruptcy

FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--Hilco Industrial, LLC, the machinery and equipment auction/disposition unit of Hilco Trading, LLC, in cooperation with Rabin Worldwide, recently completed the sale of construction, surface and strip mining equipment in the bankruptcy of Miller Bros. Coal, LLC. Gross recovery was 38% over expectations based on recent industry sales figures. The sale was held pursuant to the plan approved in the Miller Bros. bankruptcy case by the United States Bankruptcy Court Eastern District of Kentucky, and with the assistance of Nick Glancy. A group of lenders led by Bank of America were the principal secured creditors.

“I was pleased with the results Hilco delivered given a difficult economic environment. The bidding process, which I was able to follow online, went very smoothly. Bank of America also appreciated Hilco’s thoroughness with the pre-auction marketing and on-site set-up.”

The auction, held at the Miller Bros. facility in Hueysville, KY, was simultaneously webcast using Hilcast^® online technology. Participating buyers represented 23 U.S. states and six countries, including Australia, Ireland, Poland, Mexico and Canada. Sales to online bidders accounted for nearly 30% of total sales. Included among the auction sale lots were wheel loaders, off highway trucks, tool carriers, crawler tractors, motor graders, hydraulic excavators, dump trucks and rotary blasthole drills.

Tyler Levings, Senior Vice President, Special Assets Group, Bank of America, said, “I was pleased with the results Hilco delivered given a difficult economic environment. The bidding process, which I was able to follow online, went very smoothly. Bank of America also appreciated Hilco’s thoroughness with the pre-auction marketing and on-site set-up.”

Robert Levy, a partner in Hilco Industrial, said, “The success of this multi-million dollar auction is a testimony to Hilco’s expertise in targeting buyers of construction/mining equipment. It also demonstrates the advantage of a combined on-site/webcast auction for 'yellow iron' over centralized 'yard sales,' where an auctioneer aggregates equipment from multiple sellers.”

About Hilco Industrial, LLC

Hilco Industrial provides industrial asset disposition services, specializing in selling machinery, equipment and inventory auctions and negotiated sales. It sells the broad range of industrial assets found in manufacturing, wholesale and distribution companies through on-site, online and combination “webcast” auction sale events as well as negotiated (private treaty) sales. Hilco Industrial is headquartered in Farmington Hills, Michigan, and maintains offices in key cities in North America and the United Kingdom. It is a unit of Hilco Trading, LLC, an international leader in asset valuation, acquisition, disposition and advisory services.

About Rabin Worldwide

Rabin Worldwide provides comprehensive financial solutions for businesses in transition, from Fortune 500 companies and private industry, to financial institutions, receivers, trustees and courts. Services include the ability to evaluate, market, and sell surplus business assets. Headquartered in San Francisco, Rabin maintains a principal office in London as well as satellite offices across North America. Our international network of affiliates enable us to conduct sales around the world and include partnership agreements with firms in Canada, France, Germany, the Middle East and Southeast Asia.